$SUI Where will SUI price go next?

SUI price has risen by 7% today, which should be a good sign for holders as the broader cryptocurrency market is consolidating after a sharp rise last week.

Analyst “Crypto Jobs” recently updated his outlook for SUI price in a popular tweet, providing insightful analysis of the current market conditions and potential future price action.

SUI price is currently trading at around $3.2, having risen sharply by around 40% this week. This upward trend indicates strong bullish momentum in the market.

The chart highlights a consolidation range between $2.95 (support) and $3.18 (resistance). The price has been fluctuating within this zone, indicating that bulls and bears are currently balancing each other. This consolidation often suggests accumulation before a potential breakout, which is consistent with the optimism in the tweet about an upcoming bullish breakout.

Source: X/@CryptoJobs3

Key support levels are marked on the chart:

Major support: Around $2.8, referred to as the “invalidation” zone in the tweet. If the price breaks below this level, it could indicate that the current bullish sentiment has turned.

Secondary support: Around $2.65 and $2.36, providing potential areas for buyers to re-enter if the major support level is broken.

The upper boundary of the consolidation range is around $3.18, which is the major resistance level. A break above this level could signal strong bullish momentum, with the potential to push prices to higher targets (the green path on the chart shows, near $3.4 or even higher).

Also read: FET prices plummet, but holders don’t need to panic

Forecast scenarios

Bullish scenario (green path): If SUI breaks the $3.18 resistance level, there is a possibility of a strong rise. The green arrow indicates the possible bullish path, with a target level above $3.4 and a possible reach of $3.7 or higher.

Bearish Scenario (Red Path): A bearish trend may occur if SUI fails to sustain above the $2.8 support area and breaks down. In this case, the price may drop to the next support area of ​​$2.65 and $2.36.

The SUI chart reflects a bullish trend due to the recent upward momentum.Consolidation in the $2.95 to $3.18 range suggests a period of renewed accumulation